Centrale Solaire De Charentonnay Dans Le Cher

Lendosphere Renewable energy Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Centrale Solaire De Charentonnay Dans Le Cher

Strong

score / 100

Yield

7%/yr

Duration

48 months

Min. ticket

—

Amount raised

1.6 M€

Invest →

À propos

Participatory financing for construction of a 21.65 MWc ground solar plant at Charentonnay (Cher, 18) by the project company CHARENTONNAY PV 2, subsidiary of TSE (51%), Banque des Territoires and Crédit Mutuel Impact. The project benefits from a CRE remuneration complement contract over 20 years, all its administrative authorisations, and construction commenced in September 2025. Issue of simple bullet obligations over 4 years for 1.6 M€.

Plateforme · 20.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
Also registered statut réglementaire CIP and IFP with registre ORIAS
Maximum regulatory status achieved

A2 · Track Record 5.0/6bon

Default 0.0% → 6/6
Delay 0.35% (<5%) → 6/6
Actual vs announced return not explicitly communicated → 0/6
A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8 → rounded to 5

A3 · Rigueur de sélection 2.0/4

Selection process mentioned implicitly (700 fundraisings over €400M, 0% default)
Selection rate not explicitly published in available data

A4 · Santé financière 3.0/4bon

Backed by 123 Investment Managers group since 2021, >10 years in existence (founded 2014), healthy growth, no platform distress signal
Non-listed institutional group → 3 pts

A5 · Protection investisseurs 2.0/3

agrément AMF licensed → 4-day reflection period + mandatory continuity plan (1 pt)
Lendopolis acquisition November 2024 suggests segregated payment infrastructure (1 pt)
Secondary market not documented (0 pt)

Projet · 48.0/75 (53.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate French law

B1.2: 2/3 - Dedicated société dédiée (SPV) CHARENTONNAY PV 2, clear French law

B1.3: 1/2 - Rank not formally registered, no known senior debt in the file

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Mathieu Debonnet and Pierre-Yves Lambert appointed, public profiles

B2.2: 5/5 - TSE >500 MWc developed, 152 MWc at Marville, raised 130M€ Eurazeo/CA/BPI

B2.3: 2/3 - Lendosphere operations ongoing, no complete documented repayment

B2.4: 1/3 - SAS share capital 30k€, société dédiée (SPV) balance sheet information not communicated

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 0/9 - Simple obligation without real guarantee or documented guarantee in the file

B3.2: 0/4 - Guarantor not identified

B3.3: 2/2 - Banque des Territoires and Crédit Mutuel Impact shareholders of the société dédiée (SPV), strong banking presence

B4 · Structure financière 14.0/15bon

B4.1: 5/5 - CRE remuneration complement contract 20 years, guaranteed regulated tariff, equivalent PPA

B4.2: 4/4 - Institutional shareholders (Banque Territoires, Crédit Mutuel) = substantial contribution

B4.3: 3/4 - Contractualised revenues 20 years offer strong resilience; formalised stress test absent

B4.4: 2/2 - taux de couverture de la dette estimated >1.5 on contractualised CRE revenues

B5 · Pré-commercialisation 8.0/10bon

Licence purged + connection convention signed + construction commenced September 2025 + CRE contract 20 years PPE2 laureate
Connection confirmed but production not yet effective → 8/10

B6 · Permis & Maturité 5.0/5✓ max

All administrative authorisations obtained, connection convention signed, construction commenced in September 2025
Maximum situation for the ENERGY class

B7 · Marché & Localisation 2.0/3

French renewable energy solar market in structural growth, CRE regulated tariff over 20 years
Île-de-France office market (live context) not applicable here
French solar sector solid → 2/3 (absence of recent comparable MWp data)

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

No real guarantee or documented guarantee on this 1.6M€ bond issue - total absence of formalised security in the file

Points forts

✓CRE contract 20 years (PPE2 laureate) guaranteeing the plant's revenues

✓TSE: major solar operator, 152 MWc inaugurated, French Tech 120 two consecutive years

✓Institutional shareholders of weight: Banque des Territoires and Crédit Mutuel Impact

✓All authorisations obtained, connection convention signed, construction commenced

✓Rate 7% per annum compliant with renewable energy standard, 4 year duration reasonable

Risques identifiés

!Total absence of real guarantee or documented guarantee in the file for lenders

!Share capital of the Lendocompany platform only 30,000€, limited recovery capacity

!SPV CHARENTONNAY PV 2: balance sheets and own financial structure not communicated

!Local fundraising reserved for 7 departments, risk of under-subscription (57,900€ of 1,600,000€ at J-30)

!Risk of construction delay in active phase, commissioning timeline not specified

⚠ Avertissement sur les risques

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